Dogecoin (DOGE) has been on a tear lately, surging over 6% to reach $0.1556. This jump brings its market value to $22.46 billion and its daily trading volume to $1.96 billion. Even futures markets are showing renewed interest, with open interest climbing 11.83%.
However, there are some clouds on the horizon. While short sellers being liquidated could push the price higher in the short term, a larger dump could follow when they regain control.
Technically, Dogecoin is at a crossroads. The 50-day EMA (exponential moving average) is acting as resistance at $0.1652. If DOGE can break above this level, it could signal a bull run and potentially reach $0.18 or even $0.20.
On the other hand, the 100-day EMA ($0.1434) and the 200-day EMA ($0.1237) are providing support. If selling pressure from whales intensifies, DOGE could fall back to these levels.
In conclusion, Dogecoin value is experiencing a positive surge, but whether it can sustain this momentum depends on overcoming resistance and avoiding a potential dump from short sellers.